Full formBusiness & Corporate
RQVstands forRequest for Quotation Validation
Full Form of RQV
What is RQV?
Request for Quotation Validation, commonly abbreviated as RQV, is a business process used in procurement and supply chain management where a quotation submitted by a vendor in response to an RFQ is verified and validated before final acceptance. The validation process typically involves checking pricing accuracy, technical compliance, delivery timelines, vendor credentials, and alignment with the original purchase requirements. In India, RQV is widely used by large enterprises, government departments, and public sector undertakings that follow structured procurement procedures to ensure transparency and competitive pricing. It is commonly seen in tender processes managed through the Government e-Marketplace (GeM) portal and in private sector organizations dealing with multiple suppliers. The validation step helps prevent errors, hidden costs, and fraudulent quotations, thereby protecting the buyer's interests. For students preparing for banking, SSC, or MBA entrance exams, understanding procurement terms like RQV can be useful in general awareness and business studies sections.
RQV का फुल फॉर्म
मूल्य अनुरोध सत्यापन
Example
The purchase department completed the RQV process within three working days before issuing the formal purchase order to the selected vendor.
RQV — frequently asked questions
What is the full form of RQV?
RQV stands for Request for Quotation Validation, a procurement process where vendor quotations are verified for accuracy and compliance.
How is RQV different from RFQ?
RFQ is the initial request sent to vendors asking for their price quotes, while RQV is the subsequent step where those submitted quotes are validated and verified before final selection.
Where is RQV commonly used in India?
RQV is commonly used by Indian government departments, PSUs, and large private companies during their procurement and tendering processes, including on the GeM portal.